Global financial markets start the week as countries around the world continue to combat the global pandemic. European stock markets fell sharply on Monday morning as the COVID 19 positive cases increased exponentially last week. The crypto market is also witnessing huge losses.
US Democrats vote against the $2 trillion stimulus package.
The US Democrats have voted against the $2 trillion stimulus package proposed by the Trump administration, citing that the package does not include enough relief for working-class and poor people. The stock market dropped further 5% after the voting, as reported by NBC News. The USA is not the only country to announce stimulus packages to revive financial markets, the UK also announced similar packages.
How is the crypto market reacting to global pandemic?
Even though several experts will tell you how bitcoin is a safe haven in the time of crisis, evidence shows otherwise. The price of bitcoin has been highly volatile over the last few weeks in the wake of the global pandemic that has plunged financial markets in an unprecedented way. At the time of wiring, the leading cryptocurrency bitcoin is changing hands at just above $5,800, down 5.7% in the last 24 hours.